My mother had a savings account set up for my step-aunt to pay into each month. she made one payment and hasn't made one since. the only problem is that it was a verbal agreement and there's nothing in writting except the check my mother wrote her and the savings account that was set up.
2007-07-21 19:51:37 · 5 answers · asked by jujubee5180 2 in Business & Finance ➔ Personal Finance
The statute of limitations (SOL) in your state will dictate if your Mother can collect on the debt. typical SOL's are between 3 and 7 years. There is also something called tolling - which means the clock on the SOL will stop under certain circumstances. As each state is different your mother should seek the advice of an attorney admitted to the bar where you live.
The issue of the deposited check is favorable to your mother. A written agreement is not necessary for most contracts (subject to the statute of frauds - an attorney can explain) . Since you aunt deposietd a check in the account, she acknowledged the validity of the debt. When the check was deposited is also an issue. If it was done within the SOL, then the time your mother has to file the claim would be extended, starting on the date the check was deposited.
2007-07-22 04:59:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes he should continue paying off this debt until it is paid in full to the cousin's wife. He owes this money to that family despite the fact that the cousin passed away. Is he legally obligated? If there is no record of this then probably not, it would be his word against hers. Morally obligated? Definitely. It shouldn't even be a question as to whether or not it's the right thing to do in this situation.
2016-05-20 15:27:50 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Sure why not. There appears to be enough evidence of a loan. Why is she not paying? Collecting money from debtors is not easy. Trust me the other person will think that they are doing your mom a favor by making a small payment.
The first thing is that your mom needs to send a letter to other party stating that she needs to have regular payments started immediately.
This sounds odd, you may be being told the entire story. If this really was a loan, why would your mom wait 5 years to work out the payments?
I would be certain there are other financial transactions out there, ie your mom is paying for all sorts of other things.
2007-07-21 20:21:51 · answer #3 · answered by Gatsby216 7 · 1⤊ 0⤋
yes probably,have to go to civil court,sum to large for small claims.verbal agreement in most cases is a binding contract.Really doesn't mean much tho if aunt has no assets.Will be just like the O.J.Simpson thing,owes the Goldman family 30 million dollars and hasn't paid a cent.Good Luck Tho...Kale K had good point.Don't know about statute of limitations
2007-07-21 20:04:10 · answer #4 · answered by bluesman999 2 · 1⤊ 0⤋
NO its been TOO long there is a time limit about a year and some places it is up to 2 years
2007-07-21 19:56:15 · answer #5 · answered by kale k 1 · 1⤊ 0⤋